STRATEGIC PARTNERS
March 12, 2003
BROOKFIELD, Wis. -- Fiserv, Inc. has combined the operations of Fiserv EFT and Consumer Network Services (CNS), which it purchased from EDS for $320 million in cash last November, into a single organization.
According to a news release, the new unit will be called Fiserv EFT/CNS and will continue to operate two main offices -- in Portland, Ore., and Morris Plains, N.J.
Grant Christenson, formerly president of Fiserv EFT, is chief executive of the new unit, and Tony Catalfano, formerly director of CNS, is president and chief operating officer.
Under the new structure, Christenson will be responsible for technology, finance and business operations. Catalfano will assume responsibility for business development, strategic planning, legal affairs and client relationship management.
"Our combined teams will build EFT and CNS into a stronger, more potent, single entity," Christenson said in the release. "The Fiserv EFT business has thrived in recent years, and by combining forces with CNS, we gain significant economies of scale while broadening our product reach."
The new organization is the second largest third-party processor of EFT transactions nationwide, with 4,000 clients (direct and indirect). In addition, Fiserv EFT/CNS drives 17,500 ATMs, processes approximately 320 million monthly transactions and has about 800 employees.
Fiserv also says that it has signed an agreement to acquire Precision Computer Systems (PCS), a provider of bank processing software based in Sioux Falls, S.D., with annualized processing and services revenues of approximately $25 million.
Terms of the transaction were not disclosed.
Formed in 1982, PCS designs, sells and supports core banking and related software solutions and services. PCS employs 235 people and directly supports more than 730 clients ranging in size from de novo to multi-billion dollar financial institutions.
Once the acquisition is completed, PCS will merge its operations with Information Technology, Inc. (ITI), a Fiserv business located in Lincoln, Neb. PCS will continue to operate out of offices in Sioux Falls and market under the PCS name.
